European stocks set a three-week high

European stocks rose to a three-week high as Alcoa Inc. started the U.S. earnings-reporting season with results that beat analysts’ estimates.

Mining companies led gains after Alcoa said China will lead an increase in global aluminum demand.

Electricite de France SA jumped the most since November 2008 after a report that the utility will increase its tariff.

LVMH Moet Hennessy Louis Vuitton SA added 2.2% after it agreed to acquire 80% of Italian clothier Loro Piana SpA.

Deutsche Lufthansa AG slid 0.9% to 15.19 euros. Credit Suisse Group AG managed the sale of 6.5 million shares in Europe’s second-biggest airline on behalf of an unidentified investor, two people with knowledge of the matter said.

The Stoxx Europe 600 Index gained 0.7% to 294.33, for its highest level since June 17. The equity benchmark has rallied 6.8% since its 2013 low on June 24 as the European Central Bank and the Bank of England pledged to keep interest rates low and U.S. economic data beat estimates.

“Earnings will increasingly come into focus this week,” experts said. “But it’s still very much about monetary policy shaping markets. There seems to be an element of realizing that Fed tapering is not a disaster for equities as opposed to bonds, at least in the long run, because it’s ultimately a sign of a more resilient economy.”

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